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Here's what the Senate's tax bill means for your wallet

Here's what the Senate's tax bill means for your wallet

Finance
Households can expect to save an average of $ 1,200 in 2019 thanks to the Senate's proposed overhaul, but the largest tax cuts will go to the highest income earners.Those are the findings of the Tax Policy Center's new analysis of the "Tax Cuts and Jobs Act."In 2019, households across the board will save on taxes under the Senate's version of the bill. Those in the lowest quintile, with incomes below $ 25,000, would get an average tax cut of $ 40, while middle-income households earning between $ 50,000 and $ 87,000 would get an average tax cut of about $ 800, according to the Tax Policy Center.For the top 1 percent of households — those whose income exceeds $ 750,000 — taxes would fall by an average of $ 28,000, the Tax Policy Center found."On average, there's a slight tax cut in the earl
The great rotation into financials has begun — here's why it's a big deal for the market

The great rotation into financials has begun — here's why it's a big deal for the market

Finance
The financial sector's version of the NASDAQ finally climbing over its dot-com bubble high looks like it's about to happen. That's a big deal not just for bank stocks but for the market as a whole.Breakouts are great for investors who are looking for a powerful trend. And the longer it takes for a sector to bottom out — trade in no-man's-land — and finally break out, the more powerful that trend will be.Why? Because everyone who would've, could've and should've exited the sector has already done so. The sellers who were just looking to get back to even are gone.No stock market sector was hit harder than financials during the last recession. Let's recall the names of companies that are no longer around but once were iconic American institutions: Lehman Brothers, Bear Stearns, Wachovia (abso
If you're considering long-term care coverage, here's a quick reality check before you buy

If you're considering long-term care coverage, here's a quick reality check before you buy

Finance
As more people are thinking about long-term care planning for their elder years, the industry is responding with ever more options.However, complete coverage may be out of reach for most people. Younger generations are taking notice, whether to encourage their parents to prepare for possible late-life infirmities or to make preparations for themselves earlier in their own lives.Long-term care has been a hot topic since about 2000, said Brock Jolly, certified financial planner and partner and co-founder at Veritas Financial. He attributes this increased interest to market declines, modern medicine keeping people alive longer and the evolution of the LTC industry.Pricing insurance products has been tricky, he noted."The big unknown is how long the person may live," Jolly said. "Life insuranc...
Here's what you can do if a restaurant overcharges even after the GST rate cut

Here's what you can do if a restaurant overcharges even after the GST rate cut

Finance
The government may have slashed Goods and Services Tax (GST) rates of 178 products last week, but entities are finding some dubious ways of not passing on this benefit to you, the consumer. Have a look at what restaurants are doing after GST rates were slashed. It has come to light that some restaurants, including some big names, have increased their prices post the reduction in rates thereby not passing on the benefits to customers. The likes of McDonald's and Starbucks have got queries from tax officials seeking details about menu prices before and after the latest reduction in prices. So, other than having a failed argument with the management, is there something you can do if you notice that the restaurant that you have eaten at is overcharging you in the name of GST? Before we tell...
Here's why a variable annuity, warts and all, might be a right fit for your retirement plan

Here's why a variable annuity, warts and all, might be a right fit for your retirement plan

Finance
They're not what they used to be, but variable annuities are still a major retirement-planning tool for hundreds of thousands of Americans.These insurance contracts are reviled by many financial advisors for all the right reasons: They cost a lot, they're hard to understand and they're hard to undo once you've signed a contract. The same criticisms of variable annuity contracts, however, were valid before the financial crisis — and those contracts nonetheless helped many people survive the 50 percent plunge in the stock market."I had some clients whose retirements were saved because of [variable annuity] contracts they purchased before the financial crisis," said Marc Ruiz, a financial advisor with Oak Partners and a registered rep with SII Investments.The terms and prices of variable annu